BlockFi vs Crypto.com – Which Is Best In 2022?
Hello everyone today we will be comparing the two best crypto exchanges in Australia, BlockFi vs Crypto.com
In the fast-paced modern world, everything is changing within days and the finance and banking sector is in no way aloof from this trend.
The way we earn, spend, and share the money is being revolutionized by the blockchain and there is no going back from this decentralized economy which has been booming for years and yet to hit its peak.
BlockFi vs Crypto.com Reviewed
In the light of these scenarios, cryptocurrency is taking the shape of a complete asset that deals not only over the exchange trades but has reached to be a part of debit and credit mechanics.
Now you can take a loan and save your funds to earn a feasible return as interest on your digital assets.
Along the same lines, BlockFi and Crypto.com, have emerged to be a major force of change and driving the industry towards unforeseen automation.
In this regard, we are going to compare BlockFi vs Crypto.com in some of the key technical aspects and share a review to give an insight into these top crypto lending platforms in Australia.
BlockFi vs Crypto.com Compared
|Platform Type||Interest Account + Crypto Exchange||Interest Account + Crypto Exchange|
|Buy/Deposit Methods||Wire transfers,crypto deposits||PayPal, credit or debit card,wire transfers|
|Fiat Currencies Supported||USD||20+|
|Countries Supported||Worldwide||100+ Markets|
|Spread||0.6% – 1.5%||0.25% – 0.5%|
|Security||Industry-standard blockchain security||Two Factor Authentication|
BlockFi is one of the leading crypto exchanges in Australia that offers a large pool of features to its users.
The interactive user interface and advanced crypto trading tools might overwhelm a new user but if you are a crypto nerd then BlockFi offers you a deep entry into the technicalities of different trading techniques and tools.
BlockFi also offers a crypto lending feature for its users that allows you to take some crypto as a loan from the exchange at an interest as low as 4.5% APR. It allows you to buy, sell, earn, and stake your crypto assets.
The advanced security features and clean interactive UI are some of the key highlights which BlockFi offers.
Is BlockFi Legitimate?
Being a leading crypto trading platform in the region of Oceania, BlockFi is bound to take its security seriously.
Some of the key features to which BlockFi pays attention is allowing its customers to move their crypto assets from their BlockFi wallet to the other wallet solutions to maintain a higher degree of security.
The company claims to take all the necessary steps required to provide a technical safety mechanism for all of its users in the back end and ensure the financial backing of all of its digital assets. But saying that BlockFi is the safest bet in the market would be nothing but pure hyperbole.
Is BlockFi Worth The Risk?
Yes, if you are a crypto trader who knows his game inside out. If you are someone who is comfortable with complex crypto tools and different detailed charts and graphs do not overwhelm you then BlockFi is worth not only your enrollment but also your potential to use its advanced tools to the fullest to create a green portfolio.
However, if you are just starting out and do not want to get into the deep technicalities of cryptocurrency trades then BlockFi might not be the ideal choice for you.
BlockFi Pros and Cons
In this section of the Crypto.com vs BlockFi comparison, we will discuss some of the pros and cons of the BlockFi crypto lending platform
- BlockFi is available on all the platforms be it web or Android or iOS
- Customer support of BlockFi has been its key highlight over the years
- BlockFi allows you to stake your Digital assets and earn a sizable interest
- Allows you to lend digital currency at not too high-interest rates
- BlockFi boasts of a reward distribution of over 15 million USD to its users
- Not the most beginner-friendly trading exchange in the market
- Supports only a small number of digital assets
Crypto.com is one of the latest crypto applications that has raised on the global level over a short duration.
With different services combined under the umbrella of their trading exchange, Crypto.com offers debit cards, staking, lending, and NFTs for its users.
Being one of the top leading exchanges in Australia, Crypto.com trades primarily over AUD and could be a perfect choice for those traders who are interested in pure AUD exchanges.
Contrary to its core competition Crypto.com offers a long list of supported digital assets and entertains over 250+ crypto coins in its supported list.
Is Crypto.com Staking Worth It?
Staking is the process by which you can earn a fine interest on your digital assets by putting them in a digital wallet for a specific duration. It is a decentralized way of earning interest as in the case of traditional fixed deposits.
Crypto.com makes the process of staking extra lucrative for its users by providing a whopping interest of up to 14.5%.
The number of coins supported by this trading exchange for staking goes beyond 40 and the transparent and variable interest rates make staking easier than ever for its users.
Where Is Crypto.com Based?
Crypto.com is based in Singapore and serves its customers in 30+ countries around the globe.
One of the main markets of crypto.com is none other than Australia which has witnessed a massive increase in crypto investments after the government’s acknowledgment of trade.
Crypto.com Pros and Cons
In this segment of the article, we are going to discuss some of the pros and cons of crypto.com as a trading exchange.
- Crypto.com provides a long list of supported coins
- Crypto.com supports AUD as other native forms of payments
- Supports a wide variety of blockchain products including visa crypto debit cards, and NFTs.
- Available for Android, iOS, and the web
- Fastest trading exchanges with 50 ms of core latency
- Subscriptions for Debit cards are on the costlier end
- Crypto.com does not entertain industry-level customer support.
BlockFi offers many advanced-level features for its users. From providing a digital wallet to its users to being one of the most used crypto lending platforms in Australia, BlockFi has something for everyone.
It also offers an over-the-counter visa credit card that allows its users to shop with their digital assets without the need to worry about conversion. Other features of BlockFi include crypto staking and a fast trading platform.
There are many features in Cryto.com that segregate it from the other Australian-based crypto trading features.
Its vast support for crypto coins goes up to 250+ blockchain tokens. Crypto.com also provides substantially good crypto debit cards services powered by Visa.
Crypto.com’s lucrative staking rates can also be a deciding factor for those investors who are willing to rest their assets for quite some time.
BlockFi vs Crypto.com Features Winner
Both the trading exchanges have different features when it comes to crypto trading platforms. BlockFi on one hand is more of an advanced trading arena while Crypto.com is equally powerful but simpler to use. But when it comes to the overall trading and accessibility features Crypto.com takes a lead.
BlockFi’s Fees and Interest Rate
Like any other global crypto trading platform, BlockFi has a variable trading fee for its users.
These fees are charged on the subsequent withdrawal in the same calendar month and can range from 0.00075 BTC to 60 BAT as per the transactional limits and the type of currency used in the transaction. However, the interest rates may vary from 4% up to 7.5% depending upon the kind of the token which is being lent.
Crypto com Fees and Interest Rate
Crypto.com offers an interest rate of up to 14.5% for staking your crypto assets with them along with up to 10.5% of interest for stable coins in the market.
When it comes to the fee Crypto.com can range from 0.1% to 0.4% and there are variable rates for different coins around the market.
Crypto.com vs BlockFi Fee and Interest Rate Winner
When it comes to the fee and interest rates in BlockFi vs Crypto.com, BlockFi stands out as a winner with more lucrative rates and lower trading fees if taking in an average of most of the trading fees for different coins.
BlockFi might be the right choice for you if you are in the trading for quite a long time as it offers a wide variety of crypto tools that not only increases your potential profits but also automates most of your trade.
But if you are a complete newbie to this trading scene then BlockFi might not be the best choice for you due to its complex user interface.
However, if you keep practicing with the tools and try to learn through online resources, these tools can boost your productivity to another level.
Crypto.com is known for its interactive UI and availability on both Android and iOS along with a dedicated web-based platform for its users to interact with their digital assets.
Its easy-to-use user interface makes it easy for new users to get accustomed to trading without getting overwhelmed with complex data charts and graphs. Overall smooth applications and regular updates add to its total user-friendliness.
BlockFi vs Crypto.com User-Friendliness Winner
This segment of comparison between BlockFi and Crypto.com makes things easier for us to decide.
On one hand, BlockFi is more for advanced traders, and on the other hand, Crypto.com has a different target audience.
Crypto.com is better when it comes to user-friendliness but it does not mean that BlockFi is not good for advanced traders as it highly depends on your needs.
Security becomes important especially when you are investing in a decentralized asset through a centralized trading platform.
You have to make sure that all the security protocols are in place before you start investing. BlockFi deploys all the critical security measures to ensure industry-standard blockchain security for the digital assets of their users.
They use different verification methods including ID verification and use cold storage facilities to avoid any breach in their online wallets.
Just like BlockFi, advanced security measures are taken from the end of Crypto.com as well. All the digital assets of the users of Crypto.com are stored in offline and isolated storage locations where the chances of an online breach are impossible.
All the funds in the online wallets belong not to the users but to the corporates and advanced security measures are used there as well.
BlockFi vs Crypto.com Security Winner
When it comes to the overall security measures taken by BlockFi and Crypto.com, they stand head to head, and declaring a winner would be an injustice to the other’s security protocols, but the overall public opinion goes in the favor of Crypto.com and hence our point goes to crypto.com.
BlockFi vs Crypto.com Supported Coins
Looking out for a trading exchange that deals in the maximum number of cryptocurrency exchanges becomes critical.
BlockFi is not known for its wide-range crypto support in the market. BlockFi supports only 13 crypto assets as of now but as per their latest press release, they are bound to increase this number in the near future.
On the other hand, Crypto.com is known for a long list of supported coins. With over 250 crypto assets in its backyard, Crypto.com is one of the most trusted crypto exchanges when it comes to providing a wide range of crypto support.
Crypto.com vs BlockFi Mobile App Support
Both the trading exchange provides Android and iOS support along with robust web services as well.
Deciding the winner in the terms of mobile applications can not be done on the basis of availability but on the overall customer experience. However, BlockFi is not as strong as its web version in its application.
BlockFi vs Crypto.com Customer Support
Customer support is the back of any great trading exchange and thus considering it as a core to the review is essential.
BlockFi has robust customer care support along with a detailed FAQ page for its users. Along with that, they deploy all the required contact points for their customers to assure customer satisfaction.
While on the other hand, Crypto.com is not well known for its customer support. The information regarding the products is well described on their official website and that goes in its favor but the not-so-great customer support team makes it a bad deal for those it matters the most.
BlockFi vs Crypto.com Final Verdict
This BlockFi vs Crypto.com comparison came out to be a deep review of two of the most widely used crypto lending platforms.
Both of these platforms are neck to neck in most the aspects and deciding the winner in terms of a particular niche can be challenging for us but in most of the technical detail images and in general customer reviews of crypto.com is being able to deliver a better image of a trading exchange and as mentioned in the review above a slight edge goes in favor of Crypto.com.
We hope that this review of Crypto.com and BlockFi will provide you with adequate information and empower you to make a decision regarding your quest for your next trading platform.